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yongan futures chairman ge guodong resigned as the company's performance continued to be under pressure after its listing

2024-09-13

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on september 12, yongan futures (600927.sh) announced that chairman ge guodong will resign from all positions including chairman, director, and chairman of the board's strategic development committee due to work transfer.

according to the announcement, after ge guodong resigns, huang zhiming will take over the relevant duties until a new chairman is elected. as for ge guodong's specific job transfer, the relevant person in charge of yongan futures told china business news that he was not clear.

public information shows that ge guodong joined yongan futures in may 1995. he has served as deputy manager of the trading department, manager of the sales department, manager of the marketing headquarters, assistant general manager, deputy general manager, general manager, party secretary, and chairman. he has worked at yongan futures for more than 29 years and the total pre-tax remuneration he received from the company in 2023 was 2.8 million yuan.

image source: china futures association

yongan futures was listed on the main board in 2021, but its stock price has not performed well in recent years. as of the close of september 12, the company's latest stock price was 11.97 yuan, with a cumulative decline of about 23% this year, and a 70% drop from the initial listing price of 40.29 yuan.

the semi-annual report shows that in the first half of this year, the company's operating income was 12.111 billion yuan, a year-on-year increase of 1.21%; net profit was 308 million yuan, a year-on-year decrease of 25.35%, the lowest interim net profit in the past eight years. non-net profit also fell by 25.79% to 300 million yuan; the weighted average return on net assets was 2.45%, a year-on-year decrease of 0.94 percentage points.

since 2022, yongan futures' performance has been under obvious pressure, with revenues of 34.775 billion yuan and 23.823 billion yuan in 2022 and 2023, down 8.1% and 31.5% year-on-year, respectively. among them, net profit in 2022 fell sharply year-on-year to 672 million yuan, down 48.53% year-on-year.

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